#稳定币监管风暴 2025 The global storm of stablecoin regulation that erupted in 2025 centers around the intensive introduction of regulatory rules in major financial regions such as the US and Hong Kong, forming a differentiated regulatory framework. This has also triggered compliance games and risk warnings in the market, fundamentally representing the competition among countries for digital financial discourse power. Here is the key information:
1. United States: In July, Trump signed the "Genius Act," which is the first federal-level stablecoin legislation. The bill requires stablecoins to be pegged to the US dollar at a 1:1 ratio, with reserves needing to be invested in US dollar cash, US Treasury bonds, and other assets, providing official backing for US dollar stablecoins while also aiming to create new demand for US Treasury bonds through the expansion of stablecoins to alleviate the US debt crisis. Additionally, California's passed "Digital Financial Assets Act" mandates that stablecoin issuers must hold a banking license or undergo rigorous audits, raising the threshold for issuance.
2. Hong Kong: On August 1, the "Stablecoin Ordinance" officially came into effect, becoming the world's first comprehensive regulatory framework for fiat-backed stablecoins. The ordinance sets stringent standards, such as requiring applicant institutions to have a paid-in capital of no less than 25 million HKD and to allocate 100% in highly liquid assets; the first batch of licenses is limited to only 3 - 4 companies, creating scarcity that triggers capital competition. Meanwhile, the Securities and Futures Commission warned that it has received 265 complaints related to virtual asset trading in the first half of the year, urging vigilance against traps where institutions may manipulate stock prices by applying for licenses.
3. Market chain reactions: On one hand, California's stringent policies have accelerated the shift of many institutions that do not meet the requirements but have real businesses towards Hong Kong; on the other hand, non-compliance risks have become prominent, such as the offshore RMB stablecoin CNHTO launched by Tether on the Conflux public chain in November, which has been warned of high risks due to lack of regulation and sovereign backing. In addition, the total market value of stablecoins across the network has exceeded 276.9 billion USD, and the differences in regulatory policies have also led global stablecoin projects and capital to begin reselecting their deployment regions.
